Credit cards & CLI advice please...

[Anonymous]

Hello everyone,

I am new to this community and this is my first post, I joined this community to get answers from experienced members; rather than Google for every question. I am totally new to credit history and after almost 1.5 years; I am getting an idea what Credit history is and what it means.

My first credit card was secured BofA rewards of $500 CL in 2014; monthly payments on time so they increased it to $2000 & last year to $4K. When I applied for this card, I didn't have SSN. Last year in 07/2015 I got SSN but BofA record is still not updated. I called them; they replied that I will have to apply for CLI after which my SSN will be part of my record and I will be able to view my FICO score on BofA site. Moreover, I really didn't understand the monthly payments & APR's; and I didn't pay the purchase amount so BofA started charging me APR; which according to them was on purchases. Since then (09/2015) I had been trying to pay the balance. Last year I got Furniture row card with CL $1700 & Walmart Store card with CL $800. I have been getting pre-approval offers from Chase, Credit One and another bank that I don't remember. I asked my friend, he advised me to apply for multiple credit cards. I checked my scores; Walmart FICO was 707, Credit.com was 744, Capital wise was 722, Credit Sesame was 722 & Experian 716. I applied for Discover IT, Chase Freedom, Capital One Platinum & Citi Double Cash; in a one week window. I was approved for all of them, with CL $ 5K on Discover it, $ 3K on Chase, $ 1K on Cap one and $ 3.7K on Citi. Now I will transfer my balance to Discover IT; although later I realized that I shouldn't have applied for Cap One Platinum. Anyways my purpose of applying for cards was basically to increase my CL so utilization ratio can decrease and for balance transfer. I just checked my scores and it shows following scores.

Walmart FICO 706, Discover FICO 706, Credit Sesame 718, Credit Wise 726, Credit.com 712 and Citi 703. 

My questions,

1) Should I apply for BofA CLI to update my record or wait?

2) I shop a lot from Amazon, should I apply for their Prime Store card or wait?

3) I am confused whether one should apply for credit cards when one has reasonable scores or multiple inquiries have a negative effect on credit history?

4) With my scores and 6-7 inquiries on my Credit report, how long should I wait before applying for any other credit card?

I would like to add one more thing, I didn't know about credit system so last year I applied for Chase in 07/2015 and Macy's in 12/2015; both were declined. I have come to know about credit system in recent 2-3 months. I recently got Walmart Credit card offer as well, which I won't apply for. 

I understand its a long post and I thank all of those who take out time to read it and reply. If I have posted in wrong place, please guide me and I will post it in an appropriate section.

Thank you all.

[Anonymous]

1. Yes, that is your first card and even if they deny the request it will still likely get added to your reports.

2. Yes x100 I have that card as well. Synchrony uses a TU FICO and they are very accepting. No other card can beat that 5% back.

3. Some creditors frown upon INQs it is best to limit them as much as possible. They will fall off your report after 24 months. 

4. You should not have a problem getting the Amazon Prime Card, but other than that I would hold off on getting any new cards and let your new accounts settle and start to age for at LEAST 6 months at a minimum. Would be better if you wait a year. 

[Anonymous]

Thank you "tydawg" for your advice. 

I will go ahead and apply for CLI and Amazon Prime card and will update you on the outcome. Thank you once again.

[Anonymous]

No problem, do keep us updated, and welcome to the Fico family. 

[Anonymous]

Hello tydawg,

I applied for Amazon card, got approved for $ 1.9K. I applied for BofA CLI which was increased from $ 4K to 4.9K; although I requested for 5K since my purpose was to update my data. However, application process didn't ask for SSN, although I got a notification that they pulled my report from CB. I tried to enroll for BofA FICO, but it wouldn't recognize my data and won't let me enroll for FICO. I thought I will wait for a day or 2 so my information can be updated and then I will check again for FICO enrollment. Otherwise, I will call the helpline. Thank you for your expert advice. If there is anything you would like to add, I would appreciate your advice. 

Thank you.

[Anonymous]

Nice Congrats! Leave it to BofA to give you $100 less than requested LOL!  I would give it a few more days, it clearly knows your SSN as it pulled your credit. One more thing in regards to your Amazon card, when it arrives in the mail call into activate, at the same time request a credit limit increase. All increases on Synchrony bank cards are soft pulls meaning that it will not affect your credit. Many members have been able to raise their initial approval amount by a few thousand, it is best to aim high when they ask how much you want. I would request $10k, they will counter if they are unable to give the full amount. Other than that I would head into the garden, or look at joining Navy Federal, anyone can join now, see the threat entitled "NLUS Alive and well" if you are interested! 

[Anonymous]

Thank you. I would do as per your advice. One more thing, since I am new to FICO community; can you please clarify your statement for me? I have read these terms in many posts but I don't understand at all. 

"Other than that I would head into the garden, or look at joining Navy Federal, anyone can join now, see the threat entitled "NLUS Alive and well" if you are interested!"

What does gardening mean? and what is Navy Federal or NLUS Alive and well? Can you please elaborate? And where can I find these threads?

thank you very much.

[Anonymous]

Gardening means no new credit application or new accounts, basically just doing nothing and using your existing credit cards etc.

Navy Federal is a credit union that is popular here because the offer great products and give out very high initial credit limits. 

"NLUS Alive and well" is the name of the thread that details how you can join Navy Federal and apply for a credit card,checking account, or any other product that they offer.

I will include a link discussing the process, I would also go to the Navy Federal website and look over what they offer to see if you are interested. 

http://ficoforums.myfico.com/t5/Bankruptcy/How-to-join-NCFU-and-rebuild-as-a-civilian-the-right-way/...

[Anonymous]

Thank you for explaining. 

I would also become a member of the gardening community. Moreover, I will follow the "NLUS Alive and well"; to learn from MYFICO community members.

Thank you very much for all the bits of advice.